Re: Homeownership after Foreclosure

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Posted by Michelle on August 20, 2003 at 15:56:29:

In Reply to: Homeownership after Foreclosure posted by Reinstatement Services, Inc. on August 20, 2003 at 12:57:12:

: Depending upon the type of loan you have, you may be eligible for a number of workout options that your lender has not yet explored with you.

: You might try contacting the workout department in your lender's camp as a first line of defense in getting your loan back on track...even at this stage in the game.

We did all that last summer with them. And they were not willing to work with us in any shape or form. Even when we had two buyers to buy our house at full payoff they would come up with a reason on why it couldn't happen. They were absolutely ruthless.

We are already in Ch. 13 and in short here is how it lies.

Before ch. 13 and what got us into trouble was a $1350/mo note.

After Ch. 13...the 1350 + 250 for bankro/mo

Now...since obviously if the 1350 got us into trouble...1350 then add some was evidently going to hinder us once again, and so it did.

So now with more added lawyer fees on thier behalf (3-4k) plus the errage....from Sept 15-Feb 15 they want.

1350+250+960

Now you tell me...if I went to bankro because I couldnt afford 1350...how can I afford 2460?

Considering that the mort. co refused to look at any buyers last go round....do I try again??

Do I ask them to accept a Died in Lieu of Foreclosure?

Or do I just find a rental and walk away??

If we walk away what happens if they acccept a bid lower than payoff at an auction? Will I then be sued for this amount?

How long is "some time"? 5, 10. 15 yrs?

I really don't mind having to rent at this point...it hs been so ridiculous with this mort.co. and thier unwillingness to help that Im just ready to walk and have a clean slate to rebuild on.

Does foreclosure affect car loan credit as well, or mainly just mort. apps?

Thank you so much for your help.

Follow Ups:

• An exercise in Financial Gymnastics (url) - Reinstatement Services, Inc. 15:32:07 08/21/03 (7)
  • Re: An exercise in Financial Gymnastics - Michelle 16:50:42 08/21/03 (6)
    • Judgement vs Fact (url) - Reinstatement Services, Inc. 18:56:32 08/21/03 (5)
      • Re: Judgement vs Fact - Michelle 19:37:58 08/21/03 (2)
        • Re: Judgement vs Fact - Michelle 19:50:59 08/21/03 (1)
          • I'm not an unreasonable person... (url) - Reinstatement Services, Inc. 22:15:32 08/21/03 (0)

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: : Depending upon the type of loan you have, you may be eligible for a number of workout options that your lender has not yet explored with you.





: : You might try contacting the workout department in your lender's camp as a first line of defense in getting your loan back on track...even at this stage in the game.





: We did all that last summer with them.  And they were not willing to work with us in any shape or form.  Even when we had two buyers to buy our house at full payoff they would come up with a reason on why it couldn't happen.  They were absolutely ruthless.





: We are already in Ch. 13 and in short here is how it lies.





: Before ch. 13 and what got us into trouble was a $1350/mo note.





: After Ch. 13...the 1350 + 250 for bankro/mo





: Now...since obviously if the 1350 got us into trouble...1350 then add some was evidently going to hinder us once again, and so it did.





: So now with more added lawyer fees on thier behalf (3-4k) plus the errage....from Sept 15-Feb 15 they want.





: 1350+250+960





: Now you tell me...if I went to bankro because I couldnt afford 1350...how can I afford 2460?





: Considering that the mort. co refused to look at any buyers last go round....do I try again??





: Do I ask them to accept a Died in Lieu of Foreclosure?





: Or do I just find a rental and walk away??





: If we walk away what happens if they acccept a bid lower than payoff at an auction?  Will  I then be sued for this amount?





: How long is "some time"?  5, 10. 15 yrs?





: I really don't mind having to rent at this point...it hs been so ridiculous with this mort.co. and thier unwillingness to help that Im just ready to walk and have a clean slate to rebuild on.





: Does foreclosure affect car loan credit as well, or mainly just mort. apps?





: Thank you so much for your help.








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